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General Mills Inc GIS Stock Quote

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Morningstar‘s Stock Analysis GIS

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General Mills’ Strong Brands Protect It From Trade-Down to Private Label, but Shares Fairly Valued

Rebecca Scheuneman, CFA Senior Equity Analyst

Analyst Note

| Rebecca Scheuneman, CFA |

We think General Mills’ strong brands (a factor that underpins its narrow moat) are helping to strengthen its elasticities as well as the firm’s minimal exposure to categories with a heavy private-label tilt (less than 30% of sales by our estimate). General Mills reported 10% organic sales growth in its fiscal first quarter (price/mix up 15%, volumes down 5%), topping our 9% forecast. We think the firm is also benefiting from consumers switching to at-home food consumption to help combat inflation, per management commentary and restaurant traffic data, which has softened in recent months.

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Key Statistics GIS

Company Profile GIS

Business Description

General Mills is a leading global packaged food company that produces snacks, cereal, convenient meals, yogurt, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Yoplait, Pillsbury, Betty Crocker, BLUE, and Haagen-Dazs. In fiscal 2022, 77% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. While most of General Mills' products are sold through retail stores to consumers, the company also sells products into the food-service channel and the commercial baking industry.

Number One General Mills Boulevard
Minneapolis, MN, 55426
T +1 763 764-7600
Industry Packaged Foods
Most Recent Earnings Aug 31, 2022
Fiscal Year End May 29, 2023
Employees 32,500

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